The Bottom Line: If your main priority is getting the highest yield on your savings and you don’t plan to touch the money often, CIT Bank is a solid choice. Due to the lack of checking accounts available and a poor mobile app, CIT Bank is not a good fit for someone looking for a daily use bank.

CIT Bank Bonus: CIT Bank’s Savings Builder Account offers an APY of 2.45% — one of the highest in the market. In order to qualify for the highest rate, you’ll need to maintain a balance of $25,000 in your account OR open your account with at least $100 and deposit a minimum of $100 per month.

Continue reading for more details about CIT Bank Premier High Yield Savings.

Are online banks safe to use?

Yes.

The most important thing to consider when it comes to assessing an online bank’s legitimacy is asking one simple question: “Is it FDIC insured?”

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds depositors place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has lost a penny of FDIC-insured funds.

How long has CIT Bank been in business?

CIT Bank is owned by CIT Group Inc., which was founded in 1908 (CIT stands for “Commercial Investment Trust”). The bank currently holds over $30 billion in deposits.

Admittedly, I had never heard of this bank until about 6 months ago. I initially thought it was a spin-off of Citibank, but it turns out they are completely unrelated.

What’s the banking experience like?

CIT Bank Review: The Good

Easy web navigation: The CIT Bank website is very simple and straightforward to use. All interest rates for each product are shown clearly, and opening an account only take a few minutes. Nothing but good things to say here.

Customer service via phone: Even though online banking is accessible 24/7, sometimes you might need to talk to someone on the phone. CIT’s customer service phone line is staffed on weekdays from 8 a.m. to 9 p.m. EST. Weekend hours are reduced.

Incredibly high interest rate: The CIT Bank Savings Builder account offers one of the highest interest rates of any online bank. In order to earn the highest tier interest rate, you’ll need to maintain a balance of $25k OR open an account with at least $100 and maintain a $100 minimum monthly deposit. With a chart-topping APY of 2.45%, you’ll be hard pressed to beat it.

Cit Bank Review: The Not So Good

Poorly-rated mobile app: CIT Bank has iOS and Android apps available, though a quick look at the reviews reflects very poor user experiences. This is the biggest drawback I have found with CIT, although if you are using a CIT Bank Premier High-Yield Savings Account as a place to park your savings, the normal online banking functionality should be more than enough. Still, I’d like to see improvements here.

CIT Bank Locations

No brick and mortar CIT Bank locations: This is part of the trade-off with online banks. The reason why online interest rates are so high compared to national averages is because there is no overhead of running CIT Bank branches all over the country. Those savings are passed along to the customer. If you absolutely must have an in-person branch, CIT Bank won’t be the best option for you. For most people, though, this is not a significant issue.

Speaking of interest rates…

How do CIT Bank’s interest rates compare to other banks?

This is where CIT’s Premier High Yield Savings Account shines the most. It’s got one of the highest APYs in the online banking industry:

1.55% – 2.45%

Online Savings Account Comparison Table

Chart current as of April 26, 2018

Are there any hidden fees I should know about?

CIT Bank Premier High Yield Savings Account Overall Rating: 4 Stars

Folks who are always looking for the highest rates will be happy to have another option. CIT Bank is a current standout among the increasingly competitive online high yield savings industry and has shown a pattern of consistently increasing their rates.

If you can handle not relying on a mobile app (which really shouldn’t be a problem, since this is a savings account and not a checking account. You shouldn’t need to look at your savings account every day on your phone), then a CIT Premier High Yield Savings Account is worth trying out.

CIT Bank Login To Get Started

If you’re serious about saving and ready to get started based on our CIT Bank review, head straight over to the CIT Bank login right here to get your account setup. In a few years, you will be so glad you did this!

Hi Jeff, Were looking to invest some of our gains from the sale of our home before we buy our retirement home in a year or two, is CIT a good place to invest that doesn’t pose a risk of losing money in this short term?

If you park your gains from your sale in a CIT savings account, that is 100% risk free (up to $250,000) since your deposits are FDIC insured. Your money will be earning interest, and since it’s not technically being “invested”, your balance can never drop in value (unless you withdraw, of course). I hope this helps!

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